Most people have heard of the CPF (Central Provident Fund), but few know how it really works.
The CPF is a mandatory savings scheme for Singaporeans, and accounts for a significant portion of Singaporeans’ retirement income.
In the link below, you can learn this simple strategy that can get to the million dollars level from CPF.
The math is simple:
- Number of people required: 2 people, you and your spouse.
- Start age: 30
- Amount required: S$130,000 in CPF Special Account (SA) and MediSave Account (MA) combined.
- Interest Rate: 4% p.a.
- Number of years: 35
When you have S$130,000 growing at 4% p.a. for 35 years, you will have half a million in your CPF account, combine that with your spouse’s portion, you have 1 million dollars as a family!
CPF millionaire is possible, but you need to be disciplined.
Save as much as possible to invest as young as possible.
You can be well-to-do by 65 years old.